💡 Thoughts of the Week:

Many of my readers know my obsession with AI (heck we built an AI pricing platform that’s generated millions of dollars in revenue for accountants).

This week I’m sharing my five top opportunities that I believe the most successful accountants among us will take advantage of within the next 12 months:

1. Learn to Work With AI: The first step is to familiarize yourself with AI and its potential applications in accounting. For instance, Digits AI is a powerful tool that offers real-time, interactive, and intuitive finance solutions for small businesses. It can answer critical financial questions instantly, such as "What is my burn rate?" or "Who are my top five customers this month?" By leveraging AI, you can make informed business decisions quickly and efficiently. Remember how I built Bookgel, an AI pricing platform? It was through understanding and harnessing the power of AI that I was able to create a tool that has generated millions of dollars in revenue for accountants. There are literally dozens of ways you can do this as an accountant or finance pro.

2. Leverage Automation: Automation can significantly reduce the time spent on repetitive tasks, allowing you to focus on more strategic aspects of your business. For instance, consider using software like Zapier’s new Interfaces (beta) to qualify leads and answer client questions on your behalf using AI. My other company, BizPayO uses automation on steroids by automating payment and Google reviews for accountants. It not only helped accountants get paid faster but also eliminated the need for manual follow-ups for reviews. Look for similar opportunities in your practice where automation can enhance efficiency and client satisfaction.

3. Build a Remote Team: In today's digital age, building a remote team is quickly becoming a must. It allows you to tap into a global talent pool, reduces overhead costs, and provides flexibility for your team. For example, hiring a remote bookkeeper from the Philippines, where the cost of living and wages are significantly lower, could save you as much as $30,000 per year compared to hiring locally. But cost savings are just one part of the equation. Having a remote team also means you can provide round-the-clock service to your clients, given the different time zones. It is all about that competitive edge. Tools like Slack, Trello, and Google Workspace can help you manage your remote team effectively, ensuring smooth communication and collaboration.

4. Become an Industry Voice: Establishing yourself as a thought leader in the accounting field can set you apart from the competition and attract higher-paying clients. Sharing your insights, experiences, and knowledge through various channels such as blogs, social media, and webinars can help you build credibility and trust with your audience. For instance, if sharing your insights through a blog leads to just one new client engagement worth $5,000, that's a significant return on your time investment. But the benefits don't stop there. Being an industry voice can also open up opportunities for partnerships, speaking engagements, and media appearances, further enhancing your reputation and revenue potential. Platforms like Medium, LinkedIn, and YouTube can help you share your knowledge and experiences effectively.

5. Create Passive Income Streams: In addition to your core accounting services, consider creating digital products that can generate passive income. For example, you could create an online course on Teachable or Kajabi and sell it for $200 per enrollment. If you get 50 enrollments per year, that's an additional $10,000 in revenue. But the benefits of creating digital products extend beyond just the immediate revenue. These products can also serve as a marketing tool, attracting potential clients to your core services. Alternatively, a subscription-based newsletter on Substack or Beehivv (what I use) at $10 per month could generate $12,000 per year with just 100 subscribers. This not only provides a steady revenue stream but also helps you build a loyal community of followers who are likely to become your advocates, referring more clients to you.

Remember, the most successful accountants are those who are not afraid to innovate and adapt to the changing landscape. By embracing AI, leveraging automation, building a remote team, becoming an industry voice, and creating passive income streams, you can significantly increase your revenue and take your accounting practice to new heights.

As always, I'm here to support you on this journey. If you have any questions or need further guidance, don't hesitate to reach out. Let's embrace these opportunities and shape the future of accounting together.

🗞️ This Week in Accounting:

77,200 accounting jobs on the chopping block due to AI, warns U.S. Bureau of Labor Statistics

UK waves €1.8m ($1.9m) carrot for accountants to hop on the AI train

Flyfin's tax chatbot powered by ChatGPT may spell doom for accounting firms.

A tax law professor goes deep on how AI and ChatGPT will be used in tax tech and compliance.

CPA Practice Advisor’s Randy Johnston decided to hack ChatGPT to demolish content creation time.

Just released: The Ultimate Guide to Using ChatGPT for Finance Pros

From the Community:

Jeff closes $126,000 in new accounting business in 3 weeks.

Emanuel leverages AI to win $55,000 in 5 days.

Beth saves 12 hours per week using ChatGPT.

Join our growing community here.

💡Take Away: Now is the time to get an edge over your competition. Learn how to level-up your firm with AI and ChatGPT with our ChatGPT Playbook for Accountants.

TOGETHER WITH AI AMPLIFIER FOR ACCOUNTANTS

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• Unleash the power of AI to turbocharge your firm's growth, boosting productivity within just 15 days.

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Why it Matters:

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🖥️ AI Tutorial of the Week: —-

In today’s tutorial you will learn how to use ChatGPT to get an epic video testimonial from a client.

Here’s the video on how I did it step-by-step (and how you can too):

⚡️ ChatGPT Swipe File: “Video Testimonial Request” Prompt

Here is the direct ChatGPT link that you can literally copy/paste your own firm info:

👋 That’s a Wrap

That’s it for today folks!

In the meantime, if you want live updates, join over 95,000 other accountants, tax pros and entrepreneurs who follow me across YouTube, Twitter, and LinkedIn.

🧞‍♂️ Your wish is my command

Thanks for reading! When you signed up for this newsletter, my promise to you was to act as your personal assistant and help entrepreneurial accountants like you understand what's happening in the world of AI.

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Until next time!

Marc

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